Japan

Japan’s Pro-Bond market is at first glance just a more limited version of the Samurai bond market, where foreign issuers turn to the local investor base for funding. But regulators see Pro-Bonds as something bigger: a way to help Tokyo become a global financial hub. Matthew Thomas reports

The Samurai bond market has long been a key source of returns for investors in the local market, and those investors have plenty more to look forward to. But a challenging swap market could limit issuance. Matthew Thomas reports.

The stated aim of the China-backed Asian Infrastructure Investment Bank (AIIB), officially launched in June 2015, is to respond to a need for massive spending across Asia. But its creation has caused political controversy, with supporters arguing it shows up previous iniquities while opponents fear it will be a mere tool for China's projection of power. Peter McGill reports.

Mizuho Bank is expected to launch its inaugural bond in the Thai baht market on Wednesday, a few days later than planned as the borrower awaits orders from a key investor. The deal will be the first to be printed under a new pan-Asian initiative designed to streamline debt issuance.

The US risks becoming “incredibly isolated” in its approach to securitization regulation, as Europe and potentially other regions implement standards for high quality securitization, delegates at IMN’s ABS East conference heard.

Guarantor: The government of Japan

A falling euro/dollar basis swap has made dollar issuance for euro funding borrowers more attractive — but with a crucial US rate decision looming only a brave or foolish issuer would take the opportunity.

Barclays looked away from euros on Friday as the bank priced a Samurai deal that made it the first bank to print yen denominated senior debt from the holdco level.

The Japanese equities market is set for a huge bump in IPO volumes following the announcement that the ¥1.39tr ($11.5bn) triple listings of Japan Post will launch in October.

Unicharm, a Japanese maker of nappies and sanitary towels, launched an unusual ¥50bn ($419m) convertible bond on Tuesday September 8, with an exceptionally high offer price of 111.5.

Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.

Daiwa Capital Markets has hired a former head of sterling credit trading from Lloyds in a bid to increase the Japanese group’s presence in the currency.